1. Technical Field
One or more embodiments described herein relate generally to systems and methods for peer-to-business electronic payment transactions. More specifically, one or more embodiments relate to systems and methods of improving the ease and convenience of electronic payment transactions.
2. Background and Relevant Art
Electronic payment systems allow users to perform payment transactions with others via software applications on one or more types of devices (e.g., desktop devices and mobile devices). Some electronic payment systems allow users to perform payment transactions with merchants (i.e., peer-to-business payment transactions). Such electronic payment systems frequently allow users to order and pay for products from merchants.
Payment transactions between users and merchants typically require users to pay via one or more approved methods of payment (e.g., cash, check, credit card, debit card, gift card). Often times, particularly in the case of small businesses, merchants may only accept a few methods of payment to avoid contracting costs or transaction costs associated with one or more of the payment methods. Thus, a user desiring to purchase products or services from different merchants, each of which may accept different methods of payment, may be required to carry several methods of payment.
Additionally, using physical methods of payment can introduce several security risks. For example, using physical debit cards or credit cards to pay for products or services allows others (e.g., merchant employees, other customers) to see credit card numbers or other personal financial information. Exposing financial information to businesses can often result in employees or other customers stealing the financial information and using the information to commit fraud.
Many conventional electronic payment systems have several drawbacks that often cause users frustration, confusion, and result in an unsatisfactory payment process. One such drawback of conventional electronic payment systems is that they are typically standalone systems with limited functionality, which a merchant must implement and to which a user must subscribe. Specifically, some conventional electronic payment systems include proprietary software from the merchant that is limited to allowing users to interact with only a specific merchant. Other conventional electronic payment systems that allow users to perform payment transactions with different merchants often limit users just to performing payment transactions.
The limited nature of conventional electronic payment systems also adds inconvenience. In particular, the standalone nature of conventional electronic payment systems typically requires that users open a separate application dedicated just to payment transactions in order to send or receive a payment. The inconvenience of the standalone nature of conventional electronic payment systems can discourage users from using such systems.
Accordingly, there are a number of disadvantages with conventional electronic payment systems and methods.